Misstatements in Individual StatementsMisstatements in Individual Statements

Misstatements in Individual Statements

1. The auditor may designate an amount below which misstatements of amounts in the individual statements would be clearly trivial, and would not need to be accumulated because the auditor expects that the accumulation of such amounts clearly would not have a material effect on the financial report. However, misstatements of amounts that are above the designated amount are accumulated as required by paragraph 5 of this Auditing Standard. In addition, misstatements relating to amounts may not be clearly trivial when judged on criteria of nature or circumstances, and, if not, are accumulated as required by paragraph 5 of this Auditing Standard.